Jensyn Acquisition Corp. (NASDAQ:JSYNU) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On March 4, 2019, Jensyn Acquisition Corp. (the “Company”) received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that it was no longer in compliance with the Nasdaq Listing Rules (the “Rules’).
In the Notice, Nasdaq advised the Company that, to Rule IM-5101-2, a special purpose acquisition company (“SPAC”) must complete one or more business combinations within 36 months of the effectiveness of the SPAC’s initial public offering (the “Business Combination Requirement”). Since the Company’s registration statement became effective on March 2, 2016, it was required to complete its initial business combination by no later than March 2, 2019. Such rule also provides that if the Company does not comply with the above requirement, Nasdaq will issue a Staff Delisting Determination under Rule 5810 to delist the Company’s securities.
Accordingly, Nasdaq has advised the Company that its securities will be delisted from The Nasdaq Stock Market and, unless the Company requests an appeal of such determination, its securities will be suspended from trading at the opening of business on March 13, 2019 and a Form 25-NSE will be filed with the Securities and Exchange Commission removing the Company’s securities from listing and registration on the Nasdaq Stock Market. The Company has appealed the delisting determination, thus avoiding the proposed suspension of trading on March 13, 2019.
As previously announced, the Company has entered into a definitive agreement with respect to a proposed business combination with Peck Electric Co. and, as part of its appeal of the Staff’s delisting determination, has requested a hearing with a Nasdaq Hearings Panel to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The Company plans to submit a plan for regaining compliance with the Business Combination requirement which will demonstrate that the proposed business combination with Peck Electric Co. can be completed within 180 days of the date of the Notice.
Information Concerning Forward-Looking Statements
The Company makes forward-looking statements in this report within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events. These statements may be preceded by, followed by or include the words “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or similar expressions. These forward-looking statements are based on information available to us as of the date of this report, and involve substantial risks and uncertainties. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to a variety of factors, including the Company’s ability to submit a plan of compliance satisfactory to Nasdaq; and other risks and uncertainties set forth in the Company’s reports filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update forward-looking statements as a result of new information, future events or developments or otherwise.
About Jensyn Acquisition Corp. (NASDAQ:JSYNU)
Jensyn Acquisition Corp. is a blank check company. The Company seeks to acquire, through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination, one or more operating businesses. The Company is focused on acquiring an initial platform company specializing in application design, integration and maintenance at the enterprise, mobile, digital and cloud levels. It also focuses on various companies, which are engaged in providing outsourced services to middle market clients, including daily support, project management, subcontractor to consulting firms, software selection, software integration and maintenance, expansion of mobile platforms, migration to cloud services, and equipment value added reseller (VAR) opportunities. The Company is focused on various sectors, such as financial services, healthcare, government, manufacturing and retail, communications and technical.